Acct220: Principles of Accounting I Final Examination Complete Solution A+++

Acct220: Principles of Accounting I Final Examination Complete Solution A+++

University of Maryland University College
Final Examination
Acct220: Principles of Accounting I
For this exam, omit all general journal entry explanations.
Ensure to include correct dollar signs, commas, underlines & double underlines where required.
Question 1: 40% points:
Flip Company’s December 31, 2014 trial balance is as follows:
Flip Corporation
Trial Balance
December 31, 2014
Account
Debit
Credit
Cash
$43,500

Accounts Receivable
54,500

Allowance for Doubtful Accounts
500

Notes Receivable
30,000

Merchandise Inventory
55,000

Land
20,000

Building
150,000

Accumulated Depreciation, Building

$15,000
Equipment
50,000

Accumulated Depreciation, Equipment

21,000
Goodwill
26,000

Accounts Payable

25,000
Long Term Notes Payable

75,000
Common Stock, $10 par, 2,000 shares authorized & outstanding

20,000
Retained Earnings

147,000
Sales Revenue

700,000
Salaries Expense
150,000

Utilities Expense
3,500

Cost of Goods Sold
350,000

Administrative Expenses
55,000

Acct220: Principles of Accounting I Final Examination Complete Solution A+++